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MONDAY, JANUARY 25, 2021

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BPL targeting $85m from local investors

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

AHAMAS Power & Light’s (BPL) chairman yesterday voiced confidence that local investors will “fully subscribe” for the $85m portion of its upcoming bond issue that will be placed in this nation. Dr Donovan Moxey told Tribune Business that the state-owned utility monopoly’s $535m Rate Reduction Bond (RRB) represents “a great opportunity” for Bahamian institutional investors and their clients given that the interest rate coupon will likely match what is offered to their international counterparts. Historically, capital raisings featuring both a Bahamian dollar and US dollar component have contained two separate coupons or interest rate returns - one for the US dollar tranche, and another for the Bahamian dollar portion that is typically lower. However, Dr Moxey confirmed

• Chair confident B$ portion ‘fully subscribed’ • Consumers get ‘larger cushion’ than thought • Chair: ‘Good progress’ in Shell negotiations

DR DONOVAN MOXEY that BPL’s bond will offer the same rate on both the Bahamian dollar and US dollar components. “That’s the target,” he replied, when questioned by this newspaper about this. The BPL chairman said that while the utility and its advisers are seeking between $75m-$85m from the Bahamian capital markets, with up to $450m raised internationally, the former sum could be

‘Screaming from mountain top’ on Biden quarantine By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net THE Bahamas will be “screaming from the mountain top” in a bid to ensure the planned US quarantine for incoming travellers does not devastate the tourism industry, a Cabinet minister pledged yesterday. Dionisio D’Aguilar, pictured, minister of tourism and aviation, told Tribune Business the government will “explore every avenue” to influence - and potentially mitigate - the effects of president Joe Biden’s new COVID-19 travel policy which has already resulted in some Bahamian resorts

reporting booking cancellations (see other article on Page 1B). With The Bahamas and its tourism industry now facing a nervous 14-day wait to see how the new administration plans to implement the potential quarantine,

SEE PAGE 8

BTC ‘entertaining’ offers for JFK HQ By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

THE Bahamas Telecommunications Company (BTC) is “entertaining offers” to lease or acquire its iconic JFK Drive headquarters as it reexamines its real estate portfolio following COVID-19’s impact. Garfield “Garry” Sinclair, pictured, the carrier’s chief executive, told Tribune Business that the increased productivity its

staff are enjoying working from home - as well as the reduction in its workforce meant it no longer needed such a massive head office building.

SEE PAGE 5

increased if there was sufficient local investor appetite. “The number is more like $75m-$85m,” Dr Moxey said of the Bahamian target. “Obviously if there’s large local appetite we will certainly increase that number. Right now the target is $75m-$85m that’s available to them. “That amount is based on what the local placement agents and brokers think the Bahamian market can absorb locally. It should be fully subscribed, and is a great opportunity for local investors. It’s targeted at what we call qualified investors, for the most part institutions. High net worth individuals qualify through their brokers as well.” While Bahamian retail investors will be unable to participate directly, many will do so indirectly

via pension funds, credit unions, mutual/investment funds and the like. Dr Moxey said it was “tough to give a definitive answer” on the interest rate that will be offered to investors presently, as BPL’s placement agents - Citibank and CIBC FirstCaribbean - were still negotiating this with the markets. “When we did the initial modelling for the RRB it was between 7.5-8 percent,” he added. “That’s the modelling we had put forward and are looking at targeting, but these coupons are driven by market forces. We’ll negotiate to get as close to that as we possibly can; to those rates we were modelling.” Some observers will be sceptical that BPL will be

SEE PAGE 6

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‘Pulling the rug from under’ our tourism revival

By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net

HOTEL operators have voiced fears that US quarantine plans will “pull the rug out from under” Bahamian tourism’s revival with several properties already reporting booking cancellations as a result. Several proprietors and executives told Tribune Business that the proposal, unveiled last week by Joe Biden just two days into his presidency, threatened to undermine the “stability” they and their customers are craving some ten months into the COVID-19 pandemic. Harbour Island hotelier Ben Simmons, Benjamin Simmons, proprietor of The Other Side and Ocean View properties, warned that the already-fragile resort and tourism industry “can’t take another hit” to its revival bid from any restrictions that might deter visitors from a source market that accounts for more than 80 percent of The Bahamas’ visitors.

“If feels like we’re on the verge of a comeback, and this would definitely pull the rug from under us if this were to happen,” he told this newspaper of the quarantine plan. “Nobody needs this right now: Vendors, suppliers, the country as a whole. We’re just trying to find our feet again. “It will be devastating. We have at least 20 weddings booked over the next six months. I don’t know what the impact will be on them. People are certainly jittery. I know quite a few hoteliers in the industry who have already had bookings cancelled just because of the uncertainty. We haven’t had anything yet; we’ve had a few e-mails saying: ‘Are you watching this?’ Yes, we are.” The Bahamas and its tourism industry now face a nervous 14-day wait to see how the Biden administration plans to implement the potential quarantine, and discover the details of how it will be applied and rolled-out.

SEE PAGE 7

PAGE 2, Monday, January 25, 2021

INSURERS FACE PRESSURE TO DROP BPC COVERAGE By NEIL HARTNELL Tribune Business Editor nhartnell@tribunemedia.net AN international advocacy group has pledged to pressure Bahamas Petroleum Company’s (BPC) insurers to drop the oil explorer as a client after coverage for its first exploratory well was confirmed. The Insure Our Future group, which last week urged BPC to provide proof that its Perseverance One well was fully insured against all potential eventualities, is switching its focus to the Lloyd’s of London syndicates who last week confirmed they were underwriting coverage for the company’s first Bahamian exploratory well. The group, which lobbies the global insurance industry to stop underwriting and providing coverage for activities deemed harmful to climate change, spoke out after a spokesperson for the Lloyd’s insurance market validated BPC’s previous statements that coverage has been placed with some of its syndicates. Annie Roberts, Lloyd’s senior business partner for public relations and external affairs, said of BPC: “I can confirm that an insurance programme has been placed with various Lloyd’s syndicates.” And further confirmation was supplied to Tribune Business by Aon, the global insurance broker through which BPC’s coverage was placed. An Aon spokesperson, in an e-mail to this newspaper, said: “We can confirm that we placed an insurance programme, as permitted by the Bahamian government, for Bahamas Petroleum Company PLC for the risks associated with the drilling of their Perseverance One

well, offshore Bahamas. “The programme has been placed with various Lloyd’s syndicates and other approved insurers, and complies with industry standards.” Neither Aon, nor Lloyds or even BPC, provided any details on the policy including the amount of coverage obtained and its extent - whether it includes all potential oil spill and pollution incidents and associated clean-up costs, including impacts to Cuba and the US. BPC’s environmental activist opponents immediately argued that the disclosures should go much further, indicating they are not satisfied with merely confirmation of insurance coverage. Casuarina McKinney-Lambert, the Bahamas Reef Environment Educational Foundation (BREEF) executive director, told Tribune Business: “We are asking some very simple questions. “What are the limits of the insurance coverage? Who is the insurer? These should not be difficult questions to answer and it raises a red flag that we are not getting answers to these basic questions. We still need some fundamental answers regarding the terms of BPC’s insurance, specifically the limits of coverage and whether there are any exclusions. “This secrecy is deeply concerning to people in The Bahamas and neighbouring countries who could be impacted by an oil spill. It’s time to see the insurance certificate. Platitudes about tourism and fisheries being ‘covered’ are not enough.” Mrs McKinney-Lambert, warning that “the financial impact that The Bahamas is facing is huge if there is a spill that impacts US trust

THE TRIBUNE resources”, added: “As one of the most vulnerable countries in the world to climate change, The Bahamas has asked the world to help in responding to climate emergencies such as sea level rise and the impacts of climate-fuelled Hurricane Dorian. “We should not be surprised that the world is watching us as we decide to encourage fossil fuel dependence through new oil exploration in direct contradiction to our own well-being or choose a more sustainable path.” BPC has frequently asserted that the terms of its Perseverance One well’s insurance coverage are commercially confidential, while confirming that the government has been provided with a copy. It has also pledged that the cover exceeds what is required by this nation’s laws. However, Lindsay Keenan, European co-ordinator for Insure Our Future, said the advocacy group will now be “campaigning strongly” to persuade the Lloyd’s syndicates currently underwriting BPC to not provide coverage for future commercial or exploratory wells in Bahamian waters. “Having previously sent mixed messages, Lloyd’s has now clarified they are insuring the BPC’s offshore oil drilling project in The Bahamas,” he said. “Insure Our Future is calling on Lloyd’s to review and revoke its decision to insure this project and this company. “New oil and gas projects are completely incompatible with limiting global warming to 1.5 degrees centigrade. Lloyd’s need to do better. They published their first ESG (environmental, social and governance) report in December, but clearly have a long way to go to become a truly sustainable insurance market. We will be campaigning strongly to persuade Lloyd’s to drop this project.” Simon Potter, BPC’s chief executive, previously blasted its opponents for “deliberate and gross misrepresentation” over suggestions its exploratory

well lacks adequate insurance coverage. In a statement to Tribune Business, he accused environmental activists of making “baseless” allegations that expose “a near complete lack of understanding and continued naivety” over how business in The Bahamas and internationally is conducted. “As has previously been disclosed publicly by BPC, in accordance with its strict legal requirements the company has secured all insurances to be procured by a prudent operator for the Perseverance One well operations, and as stipulated by the Government of The Bahamas,” the BPC chief responded. “Therefore, the statement from Our Islands, Our Future in relation to BPC’s insurance policies is baseless and entirely incorrect. As with all insurance contracts, there exists normal business confidentiality provisions, and whilst the details of BPC’s specific contracts have been provided to the Government of The Bahamas, they are otherwise subject to commercial confidentiality obligations.” Mr Potter continued: “I would note further that Lloyd’s of London is the world’s leading insurance market, comprised of multiple risk-writing syndicates. It is not a company or similar such organisation where any one individual can attest to speak for Lloyd’s as a whole, but is rather a facilitator of insurance transactions on behalf of individual Lloyd’s syndicates. “As such, the corporation of Lloyd’s does not have details of individual contracts underwritten by its syndicates. Thus choosing to represent an individual as speaking for the whole of the Lloyd’[s syndication market is yet another deliberate and gross misrepresentation of basic facts by Our Islands, Our Future, evidencing a near complete lack of understanding and continued naivety as to how businesses operating in The Bahamas (and internationally) actually operate.”

ARBITRATION BOOST FOR LOCAL SOCIETY

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net THE adoption of arbitration and alternative dispute resolution (ADR) measures will have a “positive effect” on Bahamian society, a former Bar Association president believes. Dr Peter Maynard, managing partner of Peter D Maynard Counsel & Attorneys, told Tribune Business he expects enactment of the long-awaited International Commercial Arbitration Bill 2018 to also boost efforts to use ADR for the settlement of domestic and construction disputes He spoke after Dr Hubert Minnis, addressing the Ministry of Financial Services, Trade & Industry and Immigration’s Alternative Dispute Resolution (ADR) Forum last week, said the government was focused “on establishing our jurisdiction as a leading centre for international

commercial arbitration in the Americas”. Dr Maynard said the issue will also be discussed at the Arbitration Investment Summit for the Caribbean, Latin America and other emerging markets, which will be held on January 28-29 via Zoom. He added: “This is the ninth year of the summit, and it’s been developed to build upon objectives such as those expressed during the seminar” where the prime minister gave his remarks. “I’m hoping that the entire committee, including not just the business community, but the rest of the committee will come and see what arbitration is about and the impact of ADR, and the impact they can have upon our society,” Dr Maynard said. Enactment of the International Commercial Arbitration Bill 2018 has been stalled because there are competing views on how the process should be developed, but Dr Maynard said he is encouraged by chief justice, Sir Brian Moree’s, comments on the establishment of an arbitration centre in The Bahamas.

BTC HIT BY SABOTAGE IN NORTH ELEUTHERA THE Bahamas Telecommunications Company (BTC) has blamed sabotage for causing its mobile and fixed-line subscribers in North Eleuthera to lose communications services for two days last week. The carrier, in a statement, said customers in Lower Bogue, Harbour Island, Russell Island, Bluff Settlement and North Eleuthera Airport were all affected, including residential customers; the police station; clinic; schools; and commercial businesses. Andre Foster, BTC’s head of operations, said: “BTC has scores of contractual arrangements with property owners in every single island across the country. For decades, BTC’s telecommunications equipment was secured on property north of the Glass Window Bridge. In recent years, we

have had challenges with the use of the property, and we’ve engaged in a process to bring swift resolution to the matter. “BTC maintains its right to repair damaged equipment and will not tolerate any acts of sabotage. The unfortunate events that occurred over the three days, which led to massive outages for the community, is beyond the control of BTC. “However, we are committed to restoring services in the shortest possible timeframe. Additionally, our local technical teams are on standby to quickly restore services to North Eleutherans. BTC continues to work with all stakeholders, cognisant of the inconvenience being experienced by our customers. We are working diligently to restore services as soon as possible.”

THE TRIBUNE

Monday, January 25, 2021, PAGE 3

Oil opponents blast fast hearing ‘denial’ By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net OIL exploration opponents are arguing that Bahamas Petroleum Company (BPC) is engaging in a “tactical denial” of a speedy hearing after being added as a party to their Judicial Review case. They expressed their concerns after Justice Petra Hanna-Adderley ruled on Friday that BPC “are parties directly affected” by the action launched by environmental activists, Save the Bays and Waterkeepers Bahamas, and therefore should be added as respondents to the case. Clare Montgomery QC, BPC’s attorney, immediately sought a date for a hearing on “security for costs”. If the oil explorer’s application is granted, it would require the environmental groups to lodge a performance bond with the court to cover BPC’s legal costs if they are ultimately unsuccessful. The Supreme Court set the “security for costs” hearing for February 17-18, while the merits of the Judicial Review action will be heard on March 29-30. This effectively guarantees that BPC will be able to complete its Perseverance One exploratory well, as the drilling - which started on December 20 and is expected to take between 45-60 days - should have

finished or be closed to finishing when the former hearing takes place. Aiden Casey QC, the government’s lead attorney, also argued that the February 17 and 18 dates were “mooted” because of the well timetable and need to move forward with the court matter “expeditiously”. Fred Smith QC, the Callenders & Co attorney and partner acting for the environmentalists, argued that BPC was seeking to “derail” an early hearing of the Judicial Review merits through procedural tactics. These, he added, were designed to either delay such a hearing or deny his clients their day in court by imposing a financial burden they would struggle to meet. Mr Smith asked Ms Montgomery to declare the size of the bond her clients are seeking so they can get it “over and done with”, but she replied that they were “going over the numbers” and are not prepared to give any details. Mr Smith said he will be filing a “constitutional motion”, citing that it is a “tactical denial of the applicant’s right to a fair hearing in a reasonable time” by making a “security for costs” application. But Ms Montgomery fired back and said: “This is really inappropriate to be bargaining with the court. The applicants have

Pest control companies in modest business spike By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A PEST control company says business has increased by five percent since the COVID-19 lockdowns started in March 2020. Julian Seymour, owner/ operator of World Class

Pest Solutions, told Tribune Business he has seen business “spike about five percent” over the past ten months. He said: “I have been doing OK. I have no complaints. I have been seeing more rodents since the lockdowns started; a lot of rodents were busy during the lockdown period. I got

deliberately delayed their applications for Judicial Review, and deliberately sought to shut out the applications that otherwise we would have made earlier in the process. To have them complain about a situation they created it is, in my submission, quite wrong and shouldn’t take place in this hearing.” “We are concerned that this ruling will further remove access to swift justice,” said Rashema Ingraham, of Waterkeepers Bahamas, in response to the verdict. “This ruling now gives BPC an opportunity to slow down the pace of this Judicial Review process considerably. “Applications for security for costs have been used in previous proceedings to prevent matters from moving forward until citizen groups are able to pay large bond payments into the court as a security in the event the judge’s final decision is not in their favour. Citizens often have no choice but to drop the case if they are unable to pay. They are trying to derail the hearing on a technicality.” “Now that BPC is joined, they should not apply nor be granted security for costs, as that would only serve to deny justice to the people of The Bahamas,” said Joseph Darville of Save the Bays. “The only way for this important decision to be reviewed and decided upon accurately is to get the facts on the table and to let the court decide, not to let the financial wherewithal of the parties determine the outcome.”

Hoteliers fear ‘drastic’ US quarantine effect

about a five percent spike in business, but nothing major.” Due to the forced lockdowns, persons less active on the streets leaving rodents to fill the void. Empty shops became home to animals, vectors and other pests. David Whyms, general manager of Bug X Bahamas, said business since the COVID-19 lockdowns has been “sporadic” with many people only calling for quotes and lacking

funds to spend on pest control. He added: “With the economy the way it is, people are trying to find a way to almost co-exist with them. People are trying to find food to eat, notwithstanding you have an issue with pests.” Patricia Rolle, administrator at Tropical Exterminators, said business has not picked up in any significant way.

By YOURI KEMP Tribune Business Reporter ykemp@tribunemedia.net A FAMILY Island resort operator says president Joe Biden’s quarantine proposal for incoming travellers will help the US but be bad for Bahamian tourism. Matthew Brear, Cape Santa Maria’s general manager, told Tribune Business that the move represents a “step in the right direction for the US, but for tourism in The Bahamas it will be a problem”. “It will be devastating for The Bahamas if that is, in fact, what they decide to do. It isn’t confirmed. But I certainly wouldn’t blame the Americans for doing it. They have a big problem on their hands.” US President Joe Biden signed an executive order last week Thursday, mandating all incoming travellers to the US, inclusive of returning Americans, to quarantine upon arrival in addition to having a negative COVID-19 test. Mr Brear said Canada has been quarantining all incoming travellers for months, adding: “For the Americans it’s too little, too late, but they have to do what they have to do. Unfortunately for the Bahamians, it’s going to be a challenge for our industry. But we are resilient.” Muna Issa, SuperClubs Breezes managing

director, said: “Most definitely the new quarantine requirement will affect us drastically. Business is very slow now, and we suspect this will make it even slower. “We really didn’t think things could get any slower; we had hoped with the vaccine things would start getting better not worse.” Ms Issa said it was “too early to tell” if future bookings will be affected by the US move. Mr Brear, though, said he was confident that The Bahamas can overcome this latest travel obstacle without any long lasting damage. He said that because The Bahamas has done well in managing COVID-19, the country will hopefully be exempted from any quarantine policy for incoming US travellers. “With our control of the coronavirus, maybe there will be an option for the American government to allow Americans returning from The Bahamas to not quarantine, or to have a protocol in place specific to places or destinations that have some control over their coronavirus issue.” He voiced concerns, though, about the weakness of the COVID-19 testing regime on Long

Island, where there are currently no provisions to test persons who stay less than five days. While The Bahamas’ protocols require visitors to be tested if they stay longer than four nights, Mr Brear said there was nothing to help short-stay visitors meet US testing requirements. As of tomorrow, all international travellers returning to the US must produce a negative COVID-19 test taken within three days of their trip. However, Mr Brear said persons staying less than five days have been told there are no facilities to help them when they are sent to Long Island’s clinics for the test. Carl Rolle, owner/operator of Rollez Villas on Cat Island, said: “We can’t be happy with it, but the US has to protect their own interests, just like The Bahamas decided to protect ourselves. “We will remain here and we are determined that we’re going to be here when things normalise. We are going to use this as an example to strengthen ourselves. So when persons start to come back to Rollez Villas they will see a more beautiful and spectacular place.”

NOTICE NOTICE is hereby given that DARRY JOSEPH KING, of #11 Club Lane, Old Fort Bay, P. O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

PAGE 4, Monday, January 25, 2021

THE TRIBUNE

TOURISM CHIEF: BAHAMAS ‘AHEAD OF CURVE’ ON TESTS

CAVE’S CORPORATE CENTRE

New corporate centre becomes fully leased THE 25,000 square-foot Cave’s Corporate Centre West has been fully leased to three financial services firms, a prominent commercial realtor has confirmed. NAI Bahamas Realty Commercial acted for developer, Mosko United Construction Company, in securing tenants for the newly-completed Class A office building that is located on West Bay Street and Blake Road. “The Caves Corporate Centre West has been highly sought after since its groundbreaking in 2019,” said NAI Bahamas Realty Commercial’s chief executive, Donald

Martinborough. “We are thrilled to see the project near completion and to have represented the developers, Mosko United Construction Company, in the successful negotiation of the lease of the final remaining spaces.” The three-storey Caves Corporate Centre West features 25,000 square feet, and is located within minutes of Lynden Pindling International Airport (LPIA) and Baha Mar. NAI Bahamas Realty commercial previously announced the lease of 18,000 square feet to the property’s anchor tenant, the EY (Ernst & Young) accounting firm. The

remaining 7,000 square feet will be occupied by Trident Trust Group, also represented by NAI Bahamas Realty Commercial, and Banco Santander International. “We’re seeing a greater demand in this type of commercial development as it becomes the industry standard in international markets,” said Mr Martinborough of build-to-suit properties. “Looking ahead, we anticipate the demand for professionally managed properties with Build-to-Suit options increasing, as tenants are attracted to spaces designed and tailored specifically to their needs.”

THE Bahamas Hotel and Tourism Association’s (BHTA) president has voiced optimism that this nation’s five-day COVID testing system has put it “ahead of the curve” to meet new US requirements. Robert Sands, in a statement, said The Bahamas’ requirement that all visitors staying longer than four nights take a rapid antigen test had left this nation well-placed to meet the Centres for Disease Control and Prevention’s (CDC) mandate that all returning travellers must present a negative COVID test taken within three days of their trip to gain admission to the US. While president Joe Biden’s quarantine announcement last week represents a potential new, and separate, obstacle to international travel, Mr Sands said the nationwide roll-out of rapid antigen testing infrastructure had at least put The Bahamas in position to deal with testing measures that take effect as of tomorrow. “The new viral COVID cross-border testing protocols for travel to the US, which includes the rapid antigen test, is less of a barrier to entry for persons returning from The Bahamas, as the COVID testing and reporting infrastructure has been in place in The Bahamas for some time now due to the fact we had to ready ourselves to accommodate our own entry requirements,” Mr Sands said. While acknowledging that the testing roll-out requires more work on remote Family Islands, Mr Sands added: “The collaborative efforts of the private and public sector; tourism stakeholders such as the Bahamas Hotel and Tourism Association (BHTA), partner promotion boards and associations, the Ministry of Tourism; the Ministry of Health, the Office of The Prime Minister/The Competent Authority; the efforts of

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ROBERT SANDS varying participants of private and public sector-led committees; The Tourism Readiness and Recovery Committee (TRRC), the National Co-ordination Committee on COVID19 (NCCC), the Economic Recovery Committee (ERC), have set a framework for the sustained revival of our number one industry. “This includes the ability to ensure our visitors have easy access to the requisite tests for re-entry into the United States of America, our key source market. Our requirement for a five-day antigen test has set the stage for the destination to ensure guests can comply with the Centres for Disease Control and Prevention (CDC) order issued on January 12, 2021, requiring proof of a negative COVID-19 test 72 hours in advance of departure for US for all air passengers arriving from a foreign country to the US, which will go into effective on January 26, 2021.” Mr Sands continued: “We are pleased to say it is our firm belief that The Bahamas is ahead of the curve in its efforts to fight this unforeseen and unseen foe. While our efforts may have impacted the immediacy of our recovery process, we recognise that steady, sure and smart is key to our ability to provide our guests, and ourselves, with a safe, pleasurable, healthconscious eco-system, where visitors and locals can enjoy Bahamian sun, sea and sand, culture and

cuisine, in a safe and healthy environment. “Furthermore, we note and support those private and public sector entities who have pivoted to respond to varying governments COVID mitigation efforts, which have seen border restrictions strengthened and internal policies implemented which could thwart some visitors’ appetite for travel.” Mr Sands spoke as Atlantis confirmed it will offer guests returning to the US “complimentary” COVID19 rapid antigen testing, which will be conducted by clinical technicians and registered nurses at the resort’s Beach and Royal Towers. Test results will be available within 30 minutes, and guests will be able to present the relevant documents at the airport for their journey home. Guests can schedule their departure test as soon as they check-in with Atlantis’ onsite testing co-ordinator or online. For countries that require a COVID-19 RT-PCR test for re-entry, testing is available on-site at Atlantis and costs $165. Atlantis thus joins Baha Mar and Sandals in offering guests on-site rapid antigen testing to ensure they can meet US border requirements. The BHTA, in its statement, said many hospitality businesses in The Bahamas have “gone beyond” what is required, noting that some restaurants are providing guests with on-site rapid antigen tests.

NOTICE NOTICE is hereby given that MAIA VALERA KING, of #11 Club Lane , Old Fort Bay, P. O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Request For Bids A cement company is requesting bids for trucking services for its two locations in New Providence. Interested parties are invited to send an email to (truckbids242@gmail.com). Bids will be received until February 9th, 2021

THE TRIBUNE

Monday, January 25, 2021, PAGE 5

Getting the rules right for a successful sovereign wealth fund ACTIVTRADES WEEKLY By CHRIS ILLING www.activtrades.bs

OBERT Kennedy Jr said: “Our landscapes connect us to our history; they are the source of our character as a people, as well as our health, our safety and our prosperity. Natural resources enrich us economically, yes. But they also enrich us aesthetically and recreationally and culturally and spiritually.” Now the Bahamian government has the intention to implement a sovereign wealth fund (SWF) which will be in line with similar funds from various nations

with the goal that the country in general can benefit from its natural resources. The funding for the SWF would include state-owned natural resource revenues ie sand, salt, aragonite, fisheries and possible oil. A well-managed and effective SWF can help protect the economy’s non-commodity sectors from destabilising currency fluctuations while helping to spread the country’s wealth more equitably across generations. The fund also aims to develop a broader base for economic growth by accumulating adequate international assets. Ageing populations create a need to

BTC ‘entertaining’ offers for JFK HQ

BTC HEADQUARTERS FROM PAGE ONE “We’ve moved out of JFK Drive,” he confirmed to this newspaper. “We’ve still maintained a presence on the first floor for storage. We’ve decommissioned JFK Drive, are out of there, and have no intention in the medium and long-term of going back into JFK Drive. “One of the benefits of looking for efficiencies has been the pandemic’s impact. We obviously want to ensure we maximise any value that’s to be had from that building given that we’re not occupying it any more. We’re entertaining any number of inquiries to

lease it, to lease-to-buy, or to buy. We’re exercising all options.” Mr Sinclair said BTC’s future head office postCOVID-19 will be split between its Poinciana Drive and Perpall Tract locations, adding: “Working from home is going really well.” He denied assertions by Ricardo Thompson, head of BTC’s management union, that the West Bay Street exchange building near Nesbitt’s has also been put up for sale, but confirmed BTC is assessing all its property portfolio. “What I will say definitively is that we’re assessing the need for buildings overall given the productivity

fund future social and economic development. A SWF has necessary conditions in order to succeed. Appropriate budget and monetary policies are the number one priority. Furthermore, the fund’s operations must be properly integrated in the overall policy framework. Clear accountability procedures among the SWF governance and the public are important to prevent misuse and gain public support. The success of a SWF is contingent upon responsible investment policies. Norway has the largest SWF world-wide with assets exceeding $1.1tn. The fund was created in 1990 to funnel Norway’s extensive petroleum sector revenue into diversified assets. The typical assets include equities in the global stock market, real estate and fixed income. Nigeria meanwhile had a series of failed SWF’s based on poor plan discipline, ineffective executive capacity, public sector inefficiency, technology transfer syndrome and system corruption.

USD CURRENCY we’ve enjoyed in the home. We’re reassessing the building footprint in its entirety.” BTC’s head office has long been a major feature of corporate Bahamas’ real estate landscape, and the carrier’s departure from the property will mark a major change. Both BTC unions, though, are disputing that the move to working from home has resulted in major productivity improvements. Bernard Evans, the Bahamas National Congress of Trade Unions (NCTU) president, and former head of BTC’s line staff union, added: “It’s far from being the giant it used to be in terms of the number of employees. The HQ building is empty right now. JFK Drive is a ghost town, Perpall Tract is a ghost town. It’s a shell of its former self now.” Dino Rolle, the present line staff union head, described BTC’s JFK Drive property as “a graveyard” with “nobody in that building”. He added that the company “appears intent on selling off that building”, although nothing formal had been communicated to the union about the matter.

On the other hand, the Alaska Permanent Fund (APF) is a good example which was created in 1976 and has been paying out dividends since 1982 to all Alaskans each year. The recent financial crises of 2008 and the Covid-Pandemic in 2020/21 made it abundantly clear that countries must broaden their income and investment source. The number of SWFs has quickly expanded to all corners of the world. Their number has grown tremendously since 2000 to more than 8o with more still being created. The benefits include to cushion the negative effects of any unplanned shortfall in revenue streams, possible social security for the country’s residents and a tool to finance poverty reduction and increase economic development. The world will be observing closely if The Bahamas will join the club of countries which host their own SWF for the benefits of present and future generations of Bahamians.

PAGE 6, Monday, January 25, 2021

BPL targeting $85m from local investors

FROM PAGE ONE

able to achieve those rates, given its questionable operational and financial track record; COVID-19’s impact on the global capital markets and the government’s recent sovereign creditworthiness downgrades. The government’s last foreign currency borrowing, of $225m in early December 2020, attracted an eight percent interest coupon, which was down from the 9.25 percent it obtained on a $600m

BPL HEADQUARTERS

NOTICE

IN THE ESTATE OF LOUISE ELLEN MUNNINGS, late of No.61 Driftwood Circle, Charlotteville Subdivision in the Western District of New Providence, one of the Islands of the Commonwealth of The Bahamas. Deceased.

IN THE ESTATE OF PRINCE ALBERT ROLLE, late of No.22 East Lake Road, Coral Heights East Subdivision in the Western District of New Providence one of the Islands of the Commonwealth of The Bahamas. Deceased.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 27th day of February, A.D. 2021 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once. AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late LOUISE ELLEN MUNNINGS will be distributed among the persons entitled thereto having regard only to the claims of which the Executrix shall then have had notice.

NOTICE is hereby given that all persons having any claims against the above-named Estate are required, on or before the 27th day of February, A.D. 2021 to send their names and addresses, and particulars of their debts or claims, to the undersigned, and if so required by notice in writing from the undersigned, to come in and prove such debts or claims, or in default thereof they will be excluded from the benefit of any distribution AND all persons indebted to the said Estate are asked to pay their respective debts to the undersigned at once. AND NOTICE is hereby also given that at the expiration of the mentioned above, the assets of the late PRINCE ALBERT ROLLE will be distributed among the persons entitled thereto having regard only to the claims of which the Executrix shall then have had notice.

AND NOTICE is hereby given that all persons indebted to the said Estate are requested to make full settlement on or before the date hereinbefore mentioned.

Dated this 22nd day of January, A.D., 2021.

c/o PYFROM & CO Attorneys for the Administrator, No.259 Shirley Street, P.O. Box N 8958,

Nassau, N.P., Bahamas.

THE TRIBUNE issue just two months earlier, indicating that The Bahamas’ sovereign borrowing costs might have started to stabilise. The interest rate BPL obtains will also be critical to its business and household customers, as this will determine the size of the extra charge that will be added to their monthly bill - the so-called National Utility Investment charge - that will go towards repaying interest and principal to the bond investors. Dr Moxey said BPL, though, had already “created a larger cushion” for customers than anticipated to minimise this impact by reducing the fuel charge component of customer bills to 10.5 cents per kilowatt hour (KWh). The RRB modelling had predicted this would be 12.5 cents per KWh, so BPL was “in a pretty good place with respect to the impact on customer bills”. The BPL chairman added that the energy supplier was also aiming to keep the National Utility Investment charge at a sum equivalent to 15 percent of existing monthly consumption, adding that VAT was not included in the past two years. Proceeds from the bond offer will restructure BPL’s balance sheet and finances, will also enabling it to upgrade critical infrastructure. An additional 90 megawatts (MW) that will take Clifton Pier and New Providence’s “base load generation” to 220 MW will be in place by the 2022 third quarter once the $70m-$80m “Station D” is constructed. With Clifton Pier resuming its role as BPL’s chief power generating station, BPL plans to construct a new $40m-$50m sub-station in the area by the second quarter of 2022 to handle “the significant capacity” coming from that station. The utility also expects to complete the roll-out of its $30m nationwide AMI (Advanced Metering Infrastructure) by next year’s fourth quarter, having

already selected the supplier and the network design for New Providence. AMI will place control of consumption and billing back in the hands of consumers, while also enabling BPL to better manage a grid and transmission and distribution (T&D) infrastructure that has been made “smarter”. Elsewhere, Dr Moxey yesterday said BPL was continuing talks with Shell North America on outsourcing New Providence’s base load energy generation and fuel supply despite the latter’s exclusivity and Memorandum of Understanding (MoU) expiring last year. “We’re still continuing on,” he told Tribune Business. “We made significant progress these last two years, and are continuing on to see how quickly we can get the deal closed. All I can say is that we’re continuing to negotiate with Shell and are making pretty good progress. “I can’t get into specifics on pricing and cost, but we’re focused on doing it as quickly as we possibly can. We are engaged and working as fast as we can to get this deal finished up.” The Shell North America deal will see the energy giant acquire from BPL some 220 megawatts (MW) of generation assets that have been built, or are due to shortly be constructed, at Clifton Pier. A liquefied natural gas (LNG) regasification terminal was to be located nearby to provide fuel to the plant, which would have sold electricity to BPL via a 20-25-year power purchase agreement (PPA). The key terms will be the PPA, setting out the price at which BPL will buy electricity from Shell’s new power plant, and the asset purchase agreement detailing the price and mechanism by which the energy giant will acquire “Station A” and “Station D” at Clifton Pier from the state-owned energy monopoly. Those two “stations” will form the new plant.

To advertise in The Tribune, contact 502-2394

NOTICE NOTICE is hereby given that ALIYAH MADELINE KING, of #11 Club Lane, Old Fort Bay, P. O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

Employment Opportunity Maintenance Engineer for private property

Responsible for comprehensive main tenance for a large luxurious property on western New Providence: Required skills: Experience with maintaining and supervising proper functioning of all plant and equipment, including: • Reverse Osmosis Plant; • Generators; • Lighting Control Systems; • AV/Wifi Systems • Heating and Air Conditioning Systems; • Irrigation System; • Swimming Pools; • And Tennis Court. • Must be hands on and capable of doing job on own; • May be required to work evenings and weekends from time to time. The candidate should have a degree from recognized institution in mechanical and/or electrical engineering; must speak english fluently; have minimum of five years experience working on large private estate or luxury lodging industry; have at least three references from previous employers. Send resume to: Vacancybahamasoffice@gmail.com Or Head Engineer P. O. Box N-7776 (Slot 193) Nassau, Bahamas

THE TRIBUNE

Monday, January 25, 2021, PAGE 7

‘Pulling the rug from under’ our tourism revival

industry. Stability is what every single client is looking for, and hoping for, since this pandemic began. We can’t take another hit. I don’t think anybody in this industry can. Mr Simmons said his Harbour Island property had managed to attract 90 percent of its 2019 business levels over Christmas and the New Year, while January had matched 70 percent of the prior year’s comparative. Meanwhile Magnus Alnebeck, general manager of Freeport’s Pelican Bay resort, said that while the US quarantine plan was potentially devastating it would have minimal impact on Grand Bahama because the island has so little tourism to start with./ “It will have a big impact. I think it will scare off most tourists,” he told Tribune Business. “For Grand Bahama it means less than elsewhere in the Bahamas: ‘If you don’t have much, you can’t loose much’, and we hardly have any tourism. “The interesting thing in the region is that Puerto Rico and US Virgin Islands will benefit, since they are US domestic destinations. We will see what happens in the next few weeks, and let’s hope we get an exemption. After all, we have much less spread of COVID-19 in the region than in the US.” The Bahamian economy’s ability to rebound, and slash an unemployment rate still estimated at between 30-40 percent, is almost totally dependent on the tourism industry’s revival. That, in turn, relies heavily on US visitors, who traditionally account for more than four out of every five tourists coming to this nation. The new US administration’s actions, adding a quarantine to obtaining a negative COVID-19 PCR test within three days of travel for all returning US visitors, thus adds another obstacle and cost for Americans seeking to travel to The Bahamas and elsewhere. It thus threatens to cut-off, and have a potentially chilling effect, on the re-opening of the Bahamian tourism and hotel industry that began on November 1 last year. Atlantis recalled 2,500 staff, although some were subsequently furloughed again, while Baha Mar brought back 1,800 workers. However, continued COVID-related uncertainty and low bookings prompted the RIU Paradise Island to close again, and the likes of

FROM PAGE ONE

Mr Simmons voiced hope that, based on the US president’s executive order, the quarantine will be “more palatable” than originally thought based on Mr Biden’s public statement. The latter’s order reads: “It is the policy of my administration that, to the extent feasible, travellers seeking to enter the United States from a foreign country shall be required to produce proof of a recent negative COVID-19 test prior to entry, and required to comply with other applicable CDC guidelines concerning international travel, including recommended periods of self-quarantine or selfisolation after entry into the United States.” It adds that this assessment will examine “the feasibility of implementing alternative and sufficiently protective public health measures, such as testing, self-quarantine and self-isolation on arrival, for travellers entering the US from countries where COVID-19 tests are inaccessible”..... Mr Simmons said he had interpreted this as meaning the new administration will spend 14 days assessing present regulations to determine if quarantine or some other measure is an appropriate alternative for travellers coming from countries that have inadequate COVID-19 testing. The Bahamas, he added, with its present five-day rapid antigen testing infrastructure, would not fall into this category, which could mean that quarantine will not be required for travellers returning to the US from The Bahamas - only the negative COVID-19 test taken within three days of travelling that comes into effect tomorrow. “Hopefully I’m not inferring too much into it, and that there is more light than in the press release,” Mr Simmons said. “I’m hoping the minister of tourism will do what he does best and make some noise, and hopefully find a solution that is compatible for our industry. Otherwise it will not be good, it will not be pretty. “I guess we’ll know more in 14 days. It’s beyond our control, but if it does happen it will severely impact the

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, DA’SHANN OCTAVIA SAMANTHA BETHEL, of Spring Field Road off Frank Edgecombe Blouvard, P.O.Box N-4136 Nassau, Bahamas intend to change my name to DE’SHANN OCTAVIA SAMANTHA BETHEL-FARRINGTON. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that KYLAN THOMAS KING, of #11 Club Lane, Old Fort Bay, P.O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE CHEVRON (INDIA) LIMITED Pursuant to the Provisions of Section 138 (8) of the International Business Companies Act 2000 notice is hereby given that the above-named Company has been dissolved and struck off the Register pursuant to a Certificate of Dissolution issued by the Registrar General on the 21st day of December, 2020. Beryn Neeley Liquidator of CHEVRON (INDIA) LIMITED

Sandals to delay their reopening further. The latest US moves threaten to only further unnerve the tourism sector, and prompt further resort and business closures, job losses and furloughs, and re-opening. From the perspective of the wider economy, it also threatens to further choke off the foreign currency inflows that tourism is the chief provider of. Marlon Johnson, the Ministry of Finance’s acting financial secretary, told Tribune Business that while the government was “mindful” of the latest US move it was too early to determine if the fiscal and GDP growth targets require further adjustment. “We’re mindful of it, and that it could impact visitor arrivals and forecasts, but until we see this manifest itself we’re not going to recommend any course change at this point,” he said. “We’ll wait until we see what the impact of this is, and the testing requirements, and how they impact consumer demand, and adjust accordingly if needed.”

PAGE 8, Monday, January 25, 2021

THE TRIBUNE

‘Screaming from mountain top’ on Biden quarantine FROM PAGE ONE and discover the details, Mr D’Aguilar said the government was planning a proactive response rather waiting for the Biden administration to reach its own conclusions. “We’re using all available sources, whether indirectly or directly,” he added of The Bahamas’ planned advocacy campaign. “I’m sure the US embassy is well aware of our concerns. We’re using all our available sources. The problem is the US government is in a state of transition, and a lot of appointees are not confirmed. “We’re exploring every avenue. Until we get more specifics it’s impossible to highlight to the decisionmakers or anybody that there is a strategic and economic impact to tourism in The Bahamas. But it’s always better to impact the outcome than change an outcome once a decision has been made. “We’re in the mode of how important tourism and trade from the US is to our economic security. It’s very important we emphasise the concerns we have. We have to be proactive and not wait and let a decision be made, then act. By then it’s too late, in my opinion. We have to be proactive.” The Bahamas’ fragile tourism revival was dealt a potential crippling blow last Thursday after Mr Biden, on just his second day as president, signed an executive order that many interpreted as imposing a mandatory quarantine on all incoming travellers to the US - citizens and foreigners - even if they could produce a negative COVID-19 test. “In light of the new COVID variants that you’re learning about, we’re instituting now a new measure for individuals flying into the United States from other countries,” President Biden said during a press conference the day after his inauguration. “In addition to wearing masks, everyone flying to the

MARKET REPORT www.bisxbahamas.com

FRIDAY, 22 JANUARY 2021

BISX ALL SHARE INDEX:

CHANGE

%CHANGE

YTD

YTD%

2082.81

-11.64

-0.56

-9.65

-0.46

(242) 323-2330 (242) 323-2320

BISX LISTED & TRADED SECURITIES 52WK HI 4.15 33.05 2.00 2.02 2.10 6.00 6.75 3.80 6.49 4.45 6.16 12.77 3.64 6.85 10.88 8.44 15.08 4.25 9.26 15.21

52WK LOW 3.13 22.65 0.67 1.62 1.66 5.00 6.00 2.70 4.50 3.50 5.90 11.06 2.10 4.75 9.60 7.50 13.00 3.25 8.15 14.00

PREFERENCE SHARES 1.00

1.00

1000.00 1000.00 1000.00 1000.00

1.00 10.00 1.00

1.00 10.00 0.90

SECURITY AML Foods Limited APD Limited Benchmark Bahamas First Holdings Limited Bank of Bahamas Bahamas Property Fund Bahamas Waste Cable Bahamas Commonwealth Brewery Commonwealth Bank Colina Holdings CIBC FirstCaribbean Bank Consolidated Water BDRs Doctor's Hospital Emera Incorporated Famguard Fidelity Bank Bahamas Limited Focol Finco J. S. Johnson

SYMBOL AML APD BBL BFH BOB BPF BWL CAB CBB CBL CHL CIB CWCB DHS EMAB FAM FBB FCL FIN JSJ

LAST CLOSE 4.15 32.12 1.62 2.02 1.67 6.00 6.61 2.98 4.74 3.59 5.90 11.24 2.55 6.85 10.25 8.40 13.75 3.94 8.50 15.20

CLOSE 4.15 32.12 1.62 2.02 1.67 6.00 6.61 2.98 4.74 3.59 5.90 11.24 2.56 6.85 10.23 8.40 13.50 3.75 8.50 15.20

1.00 1000.00 1000.00 1000.00 1000.00 1.00 10.00 1.00

SYMBOL FBB22 BFHB

LAST SALE 100.00 100.00

CLOSE 100.00 100.00

CHANGE 0.00 0.00

BAH29 BG0107 BG0207 BG0130 BG0230 BG0307 BG0330 BG0407 BSBGRS810359 BSBGR120371 BSBGRS790262

107.31 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 97.04 100.72

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

Bahamas First Holdings Preference Cable Bahamas Series 6 Cable Bahamas Series 8 Cable Bahamas Series 9 Cable Bahamas Series 10 Colina Holdings Class A Fidelity Bank Bahamas Class A Focol Class B

BFHP CAB6 CAB8 CAB9 CAB10 CHLA FBBA FCLB

CORPORATE DEBT - (percentage pricing) 52WK HI 100.00 100.00

52WK LOW 100.00 100.00

115.92 100.00 100.00 100.00 100.00 100.00 100.00 102.00 100.00 97.72 100.70

104.79 100.00 100.00 100.00 100.00 100.00 100.00 100.00 100.00 94.40 100.70

SECURITY Fidelity Bank (Note 22 Series B+) Bahamas First Holdings Limited

BAHAMAS GOVERNMENT STOCK - (percentage pricing) Bahamas Note 6.95 (2029) BGS: 2014-12-7Y BGS: 2015-1-7Y BGS: 2014-12-30Y BGS: 2015-1-30Y BGS: 2015-6-7Y BGS: 2015-6-30Y BGS: 2015-10-7Y BGRS FL BSBGRS810359 BGRS FX BSBGR120371 BGRS FL BSBGRS790262

CHANGE 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.01 0.00 (0.02) 0.00 (0.25) (0.19) 0.00 0.00

VOLUME

575

1,000 1,000

0.00 0.00 0.00 0.00 0.00 0.00 0.00 0.00

EPS$ 0.239 0.932 0.000 0.110 0.070 1.760 0.369 -0.438 0.140 0.184 0.449 0.722 0.102 0.467 0.646 0.728 0.816 0.203 0.939 0.631 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

VOLUME

DIV$ 0.170 1.260 0.020 0.030 0.000 0.000 0.260 0.000 0.000 0.120 0.220 0.720 0.434 0.060 0.328 0.240 0.540 0.120 0.200 0.610 0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

P/E 17.4 34.5 N/M N/M N/M N/M 17.9 -6.8 33.9 19.5 13.1 15.6 25.1 14.7 15.8 11.5 16.5 18.5 9.1 24.1

YIELD 4.10% 3.92% 1.23% 1.49% 0.00% 0.00% 3.93% 0.00% 0.00% 3.34% 3.73% 6.41% 16.95% 0.88% 3.21% 2.86% 4.00% 3.20% 2.35% 4.01%

0.000 0.000 0.000 0.000 0.000 0.000 0.000 0.000

0.00% 0.00% 0.00% 0.00% 0.00% 6.25% 7.00% 6.50%

INTEREST Prime + 1.75% 6.25%

19-Oct-2022 30-Sep-2025

6.95% 4.50% 4.50% 6.25% 6.25% 4.50% 6.25% 4.25% 4.81% 5.22% 4.53%

20-Nov-2029 15-Dec-2021 30-Jul-2022 15-Dec-2044 30-Jul-2045 26-Jun-2022 26-Jun-2045 15-Oct-2022 26-Jul-2035 15-Dec-2037 28-Mar-2026

MATURITY

MUTUAL FUNDS 52WK HI 2.38 4.43 2.14 198.39 176.73 1.69 1.85 1.77 1.24 8.49 10.26 7.28 13.91 12.84 10.81 10.00 8.98 11.79

52WK LOW 2.11 3.30 1.68 164.74 116.70 1.65 1.79 1.75 1.05 6.41 7.62 5.66 8.65 10.54 9.57 9.88 8.45 11.20

FUND CFAL Bond Fund CFAL Balanced Fund CFAL Money Market Fund CFAL Global Bond Fund CFAL Global Equity Fund Leno Preferred Income Fund Leno Growth Fund Leno Diversified Fund Leno Global USD Bond Fund Royal Fidelity Bahamas Opportunities Fund - Secured Balanced Fund Royal Fidelity Bahamas Opportunities Fund - Targeted Equity Fund Royal Fidelity Bahamas Opportunities Fund - Prime Income Fund Royal Fidelity Int'l Fund - Equities Sub Fund Royal Fidelity Int'l Fund - High Yield Fund Royal Fidelity Int'l Fund - Alternative Strategies Fund Colonial Bahamas Fund Class D Colonial Bahamas Fund Class E Colonial Bahamas Fund Class F

NAV 2.38 4.43 2.14 198.36 173.98 1.69 1.79 1.77 1.05 8.49 10.03 7.28 13.91 12.84 10.05 N/A 9.28 11.86

YTD% 12 MTH% 4.14% 4.49% 1.47% 2.97% 2.33% 2.57% 1.65% 2.39% 4.34% 9.82% 1.65% 1.95% -3.06% -2.22% 0.80% 1.17% -12.30% -11.81% 1.76% 1.76% -1.97% -1.97% 4.91% 4.91% 5.28% 15.75% 0.05% 3.96% -0.35% -6.34% N/A N/A -0.50% 3.70% -3.80% 4.10%

NAV Date

30-Nov-2020 30-Nov-2020 27-Nov-2020 30-Sep-2020 30-Sep-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 31-Oct-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 31-Dec-2020 30-Sep-2020 30-Sep-2020 30-Sep-2020

MARKET TERMS

BISX ALL SHARE INDEX - 19 Dec 02 = 1,000.00

YIELD - last 12 month dividends divided by closing price

52wk-Hi - Highest closing price in last 52 weeks

Bid $ - Buying price of Colina and Fidelity

52wk-Low - Lowest closing price in last 52 weeks

Ask $ - Selling price of Colina and fidelity

Previous Close - Previous day's weighted price for daily volume

Last Price - Last traded over-the-counter price

Today's Close - Current day's weighted price for daily volume

Weekly Vol. - Trading volume of the prior week

Change - Change in closing price from day to day

EPS $ - A company's reported earnings per share for the last 12 mths

Daily Vol. - Number of total shares traded today

NAV - Net Asset Value

DIV $ - Dividends per share paid in the last 12 months

N/M - Not Meaningful

P/E - Closing price divided by the last 12 month earnings

TO TRADE CALL: CFAL 242-502-7010 | ROYALFIDELITY 242-356-7764 | CAROLISLE 242-502-7525 | LENO 242-396-3225 | BENCHMARK 242-326-7333

United States from another country will need to test before they get on that plane, before they depart, and quarantine when they arrive in America.” The costs and time associated with such a quarantine period, which could last anywhere from seven to 14 days, are being viewed as a major deterrent and turn-off to Americans travelling to The Bahamas and elsewhere. Tourism industry operators raced to analyse the executive order that accompanied Mr Biden’s statement, with each developing different interpretations based on the language involved. Several argued that the actual order appeared to be less stringent on the “quarantine” aspect than the US president’s actual statement (see other article on Page 1B). The order reads: “It is the policy of my administration that, to the extent feasible, travellers seeking to enter the United States from a foreign country shall be required to produce proof of a recent negative COVID19 test prior to entry, and required to comply with other applicable CDC guidelines concerning international travel, including recommended periods of self-quarantine or self-isolation after entry into the United States.” Peter Maury, the Association of Bahamas Marinas (ABM) president, told this newspaper that several US boat/yacht captains he had spoken to were interpreting the use of the word “mandatory” as a sign that any quarantine will not be mandatory. However, Mr D’Aguilar said “nobody knows” until the relevant US government agencies complete their assessment of the Centres for Disease Control and Prevention’s (CDC) January 12, 2021, order requiring all incoming travellers to the US to produce a negative COVID-19 test taken within three days of their trip. Mr Biden’s executive order says this assessment will examine “the feasibility of implementing alternative and sufficiently protective public health measures, such as testing, self-quarantine and self-isolation on arrival, for travellers entering the US from countries where COVID-19 tests are inaccessible”..... Several tourism operators have suggested to Tribune Business that the US quarantine plan may not apply to travellers returning from The Bahamas at all based on

this language, arguing that it will only be used for persons coming from countries that lack the testing infrastructure this nation and its tourism industry have put in place. Mr D’Aguilar, though, argued that The Bahamas could not afford to take that chance. “It’s important we make the case that this is going to be impactful,” he said. “I would look at adopting an approach that first sees if someone is listening. “There’s a theory that if you scream if from the mountain top someone might here. We’re a small country, and small countries have a small impact. That’s why we have to scream loud. I hope someone will look at the specifics of it and realise ‘one size fits all’ doesn’t apply to us.” Mr D’Aguilar reiterated that The Bahamas and English-speaking Caribbean, with their low COVID-19 infection rates and small population sizes, did not represent a health risk to the US and should therefore be viewed as prime candidates for exemption from tightened US travel restrictions. The minister added, though, that “the silver lining in all of this” is that Mr Biden’s travel restrictions and quarantine proposals - while harmful to The Bahamas in the short-term - could ultimately benefit its tourism industry and wider economy in the long-term if they succeed in finally bringing the raging COVID-19 pandemic under control in the nation’s major source market. Michael Maura, the Nassau Cruise Port’s chief executive, pointed out that pressure from the COVID-ravaged airline and hospitality industries in the US would likely mean that the Biden administration will be unable to implement a mandatory quarantine on all incoming travellers for long given the further devastation it will inflict on already hardhit industries. “The American industry is not going to be able to tolerate the absence of international tourists coming into the US because of quarantine requirements,” he said, noting that there were 80m such visitors per annum pre-pandemic. “It’s selfdestructive within the US from an industry perspective. That’s important for us as Bahamians to appreciate.” The US Travel Association, an industry group representing businesses including hotels and airlines, argued on Friday that the mandatory negative COVID-19 test requirement eliminates the need for quarantining returning passengers, a step it said “could be extremely difficult to enforce”.

PUBLIC NOTICE

INTENT TO CHANGE NAME BY DEED POLL The Public is hereby advised that I, ANFRNEE GAYLAND NORDELUS, of Fire Trail Road, Nassau, Bahamas intend to change my name to ANFRENEE GAYLAND NORDELUS. If there are any objections to this change of name by Deed Poll, you may write such objections to the Deputy Chief Passport Officer, P.O. Box N-742, Nassau, Bahamas no later than thirty (30) days after the date of publication of this notice.

NOTICE NOTICE is hereby given that ERIC ERTILUS TANELUS, of Jones Town, Eight Mile Rock, Grand Bahama, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

NOTICE NOTICE is hereby given that KERRY DENISE KING, of #11 Club Lane, Old Fort Bay, P. O. Box SP-64262, New Providence, The Bahamas is applying to the Minister responsible for Nationality and Citizenship, for Registration Naturalization as a citizen of The Bahamas, and that any person who knows any reason why registration/ naturalization should not be granted, should send a written and signed statement of the facts within twenty-eight days from the 25th day of January 2021 to the Minister responsible for nationality and Citizenship, P.O. Box N-7147, Nassau, New Providence, The Bahamas.

THE TRIBUNE

Monday, January 25, 2021, PAGE 11

ESTONIA TO GET FIRST FEMALE PM AS GOVERNMENT DEAL CLINCHED TALLINN Associated Press ESTONIA’S two biggest political parties clinched a deal yesterday to form a new government to be led by a female prime minister for the first time in the Baltic country’s history, replacing the previous Cabinet that collapsed into a corruption scandal earlier this month. The party councils of the the opposition, centre-right Reform Party and the ruling. left-leaning Center Party voted in favour of joining a Cabinet headed by Reform’s prime minister-designate and chairwoman Kaja Kallas. Both parties are set to

the Reform Party and the Center Party “will form a government that will continue to effectively resolve the COVID-19 crisis, keep Estonia forward-looking and develop all areas and regions of our country”. Earlier this month, President Kersti Kaljulaid, who is expected to appoint Kallas’ Cabinet in the next few days, said tackling Estonia’s worsening coronavirus situation and the economic turmoil caused by the pandemic should be an immediate priority for the new government. Kaljulaid, Estonia’s first female head of state since 2016, tasked Kallas to form

CHAIRWOMAN of the Reform Party Kaja Kallas poses for a photo in Tallinn, Estonia. President Kersti Kaljulaid said in a statement that Kaja Kallas would now have 14-days to put together a new Cabinet, after Prime Minister Juri Ratas stepped down in the wake of a corruption scandal. Photo: Raul Mee/AP which would muster a majority at the 101-seat Riigikogu Parliament. A joint statement said

have seven ministerial portfolios in addition to Kallas’ prime minister post in the 15-member government,

the government as her pro-business and pro-entrepreneurship Reform Party emerged as the winner of Estonia’s March 2019 general election. Pending approval from lawmakers, Kallas, 43, will become the first female head of government in the history of the small Baltic nation of 1.3 million which regained its independence amid the fall of the Soviet Union in 1991. A lawyer and former European Parliament lawmaker, she is the daughter of Siim Kallas, one of the Reform Party’s creators, a former prime minister and a former European Union commissioner.

THE WEATHER REPORT

5-Day Forecast

TODAY

ORLANDO

High: 81° F/27° C Low: 62° F/17° C

TAMPA

TUESDAY

WEDNESDAY

THURSDAY

FRIDAY

Clouds and sun, breezy and pleasant

A moonlit sky

Mostly sunny and delightful

Partly sunny and pleasant

A shower in the afternoon; windy

Cloudy, windy and not as warm

High: 78°

Low: 68°

High: 79° Low: 68°

High: 79° Low: 67°

High: 79° Low: 61°

High: 72° Low: 60°

AccuWeather RealFeel

79° F

72° F

84°-73° F

85°-68° F

81°-55° F

68°-57° F

The exclusive AccuWeather RealFeel Temperature® is an index that combines the effects of temperature, wind, humidity, sunshine intensity, cloudiness, precipitation, pressure and elevation on the human body—everything that affects how warm or cold a person feels. Temperatures reflect the high and the low for the day.

almanac

ABACO

High: 77° F/25° C Low: 69° F/21° C

10-20 knots

High: 80° F/27° C Low: 68° F/20° C

12-25 knots

FT. LAUDERDALE

FREEPORT

High: 79° F/26° C Low: 71° F/22° C

W S

WEST PALM BEACH

uV inDex toDay

TONIGHT

High: 78° F/26° C Low: 65° F/18° C

High: 77° F/25° C Low: 67° F/19° C

MIAMI

High: 80° F/27° C Low: 70° F/21° C

8-16 knots

Statistics are for Nassau through 1 p.m. yesterday Temperature High ................................................... 77° F/25° C Low .................................................... 59° F/15° C Normal high ....................................... 77° F/25° C Normal low ........................................ 65° F/18° C Last year’s high ................................. 81° F/27° C Last year’s low ................................... 65° F/19° C Precipitation As of 1 p.m. yesterday ................................. 0.00” Year to date ................................................. 1.23” Normal year to date ..................................... 1.04”

ELEUTHERA

NASSAU

High: 78° F/26° C Low: 68° F/21° C

High: 78° F/26° C Low: 70° F/21° C

KEY WEST

High: 77° F/25° C Low: 70° F/21° C

tiDes For nassau High

Ht.(ft.)

Low

Ht.(ft.)

Today

5:12 a.m. 5:24 p.m.

2.6 1.9

11:43 a.m. 0.2 11:27 p.m. -0.1

Tuesday

5:57 a.m. 6:10 p.m.

2.7 2.0

12:28 p.m. 0.1 ---------

Wednesday 6:41 a.m. 6:55 p.m.

2.8 2.2

12:13 a.m. -0.2 1:10 p.m. 0.0

Thursday

7:23 a.m. 7:39 p.m.

3.0 2.3

12:58 a.m. -0.4 1:51 p.m. -0.2

Friday

8:04 a.m. 8:23 p.m.

3.1 2.4

1:42 a.m. -0.4 2:32 p.m. -0.3

Saturday

8:46 a.m. 9:08 p.m.

3.1 2.5

2:27 a.m. -0.5 3:13 p.m. -0.4

Sunday

9:29 a.m. 9:55 p.m.

3.0 2.6

3:14 a.m. -0.4 3:54 p.m. -0.5

sun anD moon Sunrise Sunset

High: 79° F/26° C Low: 71° F/22° C

8-16 knots

12-25 knots

ANDROS

Shown is today’s weather. Temperatures are today’s highs and tonight’s lows.

The higher the AccuWeather UV IndexTM number, the greater the need for eye and skin protection.

6:55 a.m. 5:50 p.m.

Moonrise Moonset

3:03 p.m. 4:16 a.m.

Full

Last

New

First

Jan. 28

Feb. 4

Feb. 11

Feb. 19

CAT ISLAND

Kaja Kallas took the reins at the Reform Party in 2018 as its first female chair. Her first Cabinet will see women in other key positions too as Reform’s Keit PentusRosimannus takes over the finance minister post and diplomat Eva-Maria Liimets becomes the foreign minister. The government formation marks the second such attempt for Kallas in less than two years as she failed to bring about a Reform Party-led government after the 2019 election. That paved the way for the archrival Center Party and its leader, Juri Ratas, to form a threeparty coalition without the Reform Party.

SAN SALVADOR

GREAT EXUMA

High: 78° F/26° C Low: 70° F/21° C

High: 80° F/27° C Low: 74° F/23° C

High: 80° F/27° C Low: 70° F/21° C

W S

LONG ISLAND

tracking map

High: 80° F/27° C Low: 72° F/22° C

12-25 knots

MAYAGUANA High: 80° F/27° C Low: 72° F/22° C

Shown is today’s weather. Temperatures

CROOKED ISLAND / ACKLINS

are today’s highs and tonight’s lows.

RAGGED ISLAND High: 81° F/27° C Low: 73° F/23° C

High: 80° F/27° C Low: 72° F/22° C

GREAT INAGUA High: 82° F/28° C Low: 73° F/23° C

10-20 knots

marine Forecast ABACO ANDROS CAT ISLAND CROOKED ISLAND ELEUTHERA FREEPORT GREAT EXUMA GREAT INAGUA LONG ISLAND MAYAGUANA NASSAU RAGGED ISLAND SAN SALVADOR

Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday: Today: Tuesday:

WINDS SE at 12-25 Knots S at 8-16 Knots SE at 8-16 Knots SSE at 7-14 Knots E at 12-25 Knots SE at 8-16 Knots E at 10-20 Knots ESE at 10-20 Knots E at 12-25 Knots SSE at 8-16 Knots SE at 12-25 Knots S at 10-20 Knots SE at 12-25 Knots SE at 10-20 Knots E at 10-20 Knots E at 12-25 Knots E at 10-20 Knots ESE at 10-20 Knots E at 12-25 Knots ESE at 8-16 Knots ESE at 12-25 Knots SSE at 8-16 Knots E at 10-20 Knots ESE at 12-25 Knots E at 12-25 Knots SE at 8-16 Knots

WAVES 4-7 Feet 3-6 Feet 1-3 Feet 1-3 Feet 4-7 Feet 3-6 Feet 3-5 Feet 4-7 Feet 4-8 Feet 3-6 Feet 3-6 Feet 3-5 Feet 1-3 Feet 1-3 Feet 3-5 Feet 4-7 Feet 2-4 Feet 3-5 Feet 5-9 Feet 4-8 Feet 2-4 Feet 2-4 Feet 2-4 Feet 3-6 Feet 3-6 Feet 3-5 Feet

VISIBILITY 5 Miles 10 Miles 10 Miles 10 Miles 6 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles 10 Miles

WATER TEMPS. 76° F 76° F 75° F 75° F 78° F 77° F 79° F 79° F 77° F 76° F 75° F 76° F 77° F 77° F 80° F 80° F 79° F 79° F 78° F 78° F 77° F 76° F 78° F 78° F 77° F 77° F

PAGE 12, Monday, January 25, 2021

THE TRIBUNE

Insurers add food to coverage menu as way to improve health Associated Press WHEN COVID-19 first swarmed the United States, one health insurer called some customers with a question: Do you have enough to eat? Oscar Health wanted to know if people had adequate food for the next couple weeks and how they planned to stay stocked up while hunkering down at home. “We’ve seen time and again, the lack of good and nutritional food causes members to get readmitted” to hospitals, Oscar executive Ananth Lalithakumar said. Food has become a bigger focus for health insurers as they look to expand their coverage beyond just the care that happens in a doctor’s office. More plans are

paying for temporary meal deliveries and some are teaching people how to cook and eat healthier foods. Benefits experts say insurers and policymakers are growing used to treating food as a form of medicine that can help patients reduce blood sugar or blood pressure levels and stay out of expensive hospitals. “People are finally getting comfortable with the idea that everybody saves money when you prevent certain things from happening or somebody’s condition from worsening,” said Andrew Shea, a senior vice president with the online insurance broker eHealth. This push is still relatively small and happening mostly with government-funded programmes like Medicaid or Medicare Advantage, the privately run versions CHEF Jermaine Wall stacks containers of soups at Community Servings, which prepares and delivers scratch-made, medically tailored meals to individuals & families living with critical & chronic illnesses in the Jamaica Plain neighbourhood of Boston. Food is a growing focus for insurers as they look to improve the health of the people they cover and cut costs. Insurers first started covering Community Servings meals about five years ago, and CEO David Waters says they now cover close to 40%. AP Photo: Charles Krupa/AP of the government’s health program for people who are 65 or older or have disabilities. But some employers that offer coverage to their workers also are growing interested. Medicaid programs in several states are testing or developing food coverage. Next year, Medicare will start testing meal program vouchers for patients with malnutrition as part of a broader look at improving care and reducing costs. Nearly seven million people were enrolled last year in a Medicare Advantage plan that offered some sort of meal benefit, according to research from the consulting firm Avalere Health. That’s more than double the total from 2018. Insurers commonly cover temporary meal deliveries so patients have something to eat when they return from the hospital. And for several years now, many also have paid for meals tailored to patients with conditions such as diabetes. But now insurers and other bill payers are taking a more nuanced approach. This comes as the coronavirus pandemic sends millions of Americans to seek help from food banks or neighborhood food pantries. Oscar Health, for instance, found that nearly three out of ten of its Medicare Advantage customers had food supply problems at the start of the pandemic, so it arranged temporary grocery deliveries from a

local store at no cost to the recipient. The Medicare Advantage specialist Humana started giving some customers with low incomes debit cards with either a $25 or $50 on them to help buy healthy food. The insurer also is testing meal deliveries in the second half of the month. That’s when money from government food programmes can run low. Research shows that diabetes patients wind up making more emergency room visits then, said Humana executive Dr Andrew Renda. “It may be because they’re still taking their medications but they don’t have enough food. And so their blood sugar goes crazy and then they end up in the hospital,” he said. The Blue Cross-Blue Shield insurer Anthem connected Medicare Advantage customer Kim Bischoff with a nutritionist after she asked for help losing weight. The 43-year-old Napoleon, Ohio, resident had lost more than 100 pounds about 11 years ago, but she was gaining weight again and growing frustrated. The nutritionist helped wean Bischoff from a socalled keto diet largely centered on meats and cheeses. The insurer also arranged for temporary food deliveries from a nearby Kroger so she could try healthy foods like rice noodles, almonds and dried fruits. Bischoff said she only lost a few pounds. But she was

able to stop taking blood pressure and thyroid medications because her health improved after she balanced her diet. “I learned that a little bit of weight gain isn’t a huge deal, but the quality of my health is,” she said. David Berwick of Somerville, Massachusetts, credits a meal delivery program with improving his blood sugar, and he wishes he could stay on it. The 64-year-old has diabetes and started the programme last year at the suggestion of his doctor. The Medicaid program MassHealth covered it. Berwick said the nonprofit Community Servings gave him weekly deliveries of dry cereal and premade meals for him to reheat. Those included soups and turkey meatloaf Berwick described as “absolutely delicious”. “They’re not things I would make on my own for sure,” he said. “It was a gift, it was a real privilege.” These programs typically last a few weeks or months and often focus on customers with a medical condition or low incomes who have a hard time getting nutritious food. But they aren’t limited to those groups. Indianapolis-based Preventia Group is starting food deliveries for some employers that want to improve the eating habits of people covered under their health plans. People who sign up start working with a

health coach to learn about nutrition. Then they can either begin short-term deliveries of meals or bulk boxes of food and recipes to try. The employer picks up the cost. It’s not just about hunger or a lack of good food, said Chief Operating Officer Susan Rider. They’re also educating people about what healthy, nutritious food is and how to prepare it. Researchers expect coverage of food as a form of medicine to grow as insurers and employers learn more about which programs work best. Patients with low incomes may need help first with getting access to nutritional food. People with employer-sponsored coverage might need to focus more on how to use their diet to manage diabetes or improve their overall health. A 2019 study of Massachusetts residents with similar medical conditions found that those who received meals tailored to their condition had fewer hospital admissions and generated less health care spending than those who did not. Study author Dr Seth Berkowitz of the University of North Carolina noted that those meals are only one method for addressing food or nutrition problems. He said a lot more can be learned “about what interventions work, in what situations and for whom”.